Mankind Pharma has stated in a stock exchange filing that there will be no impact of the IT raids on its operational performance.
As the income tax department is conducting searches at some of Mankind Pharma’s premises/ plants over allegations of tax evasion, the pharma company informed the exchanges that they are cooperating with the officials, “The officials of the Company and its subsidiaries are cooperating with the officials of the Income Tax Department and are responding to the queries raised by them. This has had no impact on our operational performance,” Mankind Pharma said in a regulatory filing.
The IT Department carried out search operations in its Delhi and nearby office on alleged reports of tax evasion early on Thursday morning (May 11).
Mankind Pharma is the fourth largest pharmaceutical firm in the country in terms of domestic sales. The shares listed at a 20 per cent plus premium over its issue price. The company is engaged in developing, manufacturing, and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. The drug maker works in a number of acute and chronic therapeutic fields, including anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, neuro/CNS, vitamins/minerals/nutrients, and respiratory areas.